USD/CAD fell sharply at the end of last week after closing below the key 2021 uptrend. Analysts at Credit Suisse stay biased to the downside, targeting a move to 1.2450/48.
Resistance at 1.2614 set to cap any bounce
“We stay biased lower and look for a deeper decline within the broader range, with a clear break below support seen at 1.2486/64 expected imminently, which would open up the YTD low at 1.2450/48. Below here would reinforce our bearish bias for a move to the 1.2287 low of October 2021.”
“Resistance stays at the recent breakdown point at 1.2589 /2614, which we would expect to cap any rebounds from here. The next level above here is seen at 1.2645/59, above which would signal a false break lower. Next resistances are seen at 1.2693/98, ahead of the 16th March price high at 1.2775/78.”